The US dollar tumbled against virtually all of its main currency rivals yesterday and in the overnight session, following the release of a disappointing Unemployment Claims figure. Losses were particularly sharp against the Swiss franc, which has recently gained traction as investors search for safe haven assets. Currently the USD/CHF is trading around the 0.9500 level, down over 100 pips in the last 24 hours.

Against the euro, the greenback lost around 70 pips yesterday before staging a minor correction during Asian trading. Currently the pair is hovering just below the 1.3600 level.

As we close out the week today, traders will want to pay attention to economic news out of the UK to judge where the USD will be heading. The UK Retail Sales figure is expected to come in at 0.6% which, if true, would signal a substantial increase over last month. Sterling has recently turned bullish against the dollar and if today's indicator comes in as predicted, it will likely extend that trend.

In addition, traders will want to focus on a speech expected from the Fed Chairman, set to occur at 13:00 GMT. Should Bernanke decide to comment on yesterday's unemployment figure, investors are likely to continue shifting their assets to the USD's main currency rivals. The dollar is therefore unlikely to reverse its losses before markets close for the weekend.